ND HB1163

Creates a Legacy Fund School Construction Assistance Loan Fund administered by the Bank of North Dakota, providing low-interest loans (not exceeding 1% annually) with 20-year terms for school construction and remodeling projects costing at least $1 million

School districts may borrow up to $10 million per 1,000 students enrolled, with districts of 1,000 or fewer students eligible for up to $10 million maximum

Increases the Legacy Fund's target allocation for in-state fixed income investments from $700 million to $1.7 billion, with up to $1 billion designated specifically for the school construction loan fund at a 0.5% target return

Eligible projects require superintendent of public instruction approval, voter-authorized bond issuance, and must have an expected utilization of at least 30 years; applications are prioritized based on student needs, building age, safety assessments, community support, and cost

All principal and interest payments return to the Legacy Fund, with the Bank of North Dakota allowed a servicing fee of up to 0.5% of outstanding loan amounts for administrative costs